Macron-Merkel: 500 billion euros for EU economic recovery plan

“to support a sustainable recovery that restores and strengthens EU economic growth, Germany and France support the creation of an ambitious, temporary and stimulating fund, as part of the EU's next 500 billion-euro budget of”, a joint statement said.

“This is an important day”, Macron said, while the issue of common borrowing has been a subject of major disputes between the countries of northern Europe and southern Europe, in particular between France, which is favourable to it and Germany, which is against.

According to the statement made, financing will target difficulties related to the pandemic and its consequences. The money will be paid gradually over several years.